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LSUS MBA 701 EXAM 1 TEST QUESTIONS AND ANSWERS 2024
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LSUS MBA 701 EXAM 1 TEST QUESTIONS AND ANSWERS 2024
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LSUS MBA 701 EXAM 1 TESThow many employees should be hired and how they should be compensated, how
many products to produce and sold at what price, should a firm make or buy
components of products - ANSWERS-example of managerial accounting
identify goals and constraints, recognize the nature and importance of profits,
understand incentives, understand markets, recognize the time value of money,
use marginal analysis and make data driven decisions - ANSWERS-the 7 principles
of effective managerial decision making
to maximize profits - ANSWERS-what should a firms overall goal be?
available technology and prices of inputs used in production - ANSWERS-what are
examples of some constraints?
accounting profit - ANSWERS-total amount of money from sales (revenue) minus
the dollar cost of producing the goods or services
economic profit - ANSWERS-the difference between total revenue and total
opportunity cost
opportunity cost - ANSWERS-the explicit cost of a resource plus the implicit cost
of giving up its best alternative
, they signal to resource holders where resources are most highly valued by society
- ANSWERS-what is the role of profits
an incentive to alter their use of resources - ANSWERS-what to changes in profits
provide to resource holders?
how resources are used and how hard workers work - ANSWERS-what do
incentives impact within a firm?
manager - ANSWERS-someone that directs resources to achieve a goal
directs the efforts of others, purchases inputs used in the production of the firms
output, directs other decisions like the product price and quality and construct
incentives to induce maximal effort from employees - ANSWERS-what does a
manager do?
economics - ANSWERS-the science of making decisions in the presence of scarce
resources
resources - ANSWERS-anything used to produce a good or service or achieve a
goal
scarcity implies trade offs - ANSWERS-why are decisions important in economics?
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